Article here.

The EPI presentation here.

^EPI has published and advocated what we feel would be an excellent national supplemental retirement plan, the Guaranteed Retirement Account, which was authored by Prof. Teresa Ghilarducci, Director of the Schwartz Center for Economic Policy Analysis at the New School for Social Research. In a nutshell, the GRA would mandate employer and employee contributions to a federally administered cash balance plan. The combined 5% of payroll contributions would be invested by a Thrift Savings Plan-like entity in the bond and stock markets, with a guaranteed minimum return of 3% beyond inflation. A $600 tax credit would cover the entire 2.5% contribution for workers earning $24,000 or less, and greatly reduce the effective contribution rate for other lower-paid workers. We calculate that at the end of a normal working life, the average worker would accumulate, along with Social Security, enough to assure a 70% replacement rate of pre-retirement income.^
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Note the use of terms in the presentation like "tax subsidies," which is Leftist for "any private wealth we have somehow failed to loot."

Obviously, since the Leftist assumes government to be by definition omniscient, the government wouldn't make any of the investment mistakes that the poor, stupid citizen would make. And of course, there would be no political pressure to funnel those hundreds of billions into any specific investment.

In practice, if they run this program like they do Social Security, the government eventually will simply buy Treasuries with the money, essentially permanently "loaning" it to themselves to use for whatever else they want to do with it.